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Tilney adds more share classes to Acre

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Tilney Investment Management, which acquired Thesis in late February, is to add euro and dollar shar...

Tilney Investment Management, which acquired Thesis in late February, is to add euro and dollar share classes to its Acre property fund as part of its planned international marketing campaign to raise assets.

The £22m Guernsey based Acre fund invests in UK commercial property and is a more heavily geared version of the £312m Glanmore fund. The Acre fund has two parts bank debt for each part equity raised from investors.

Although technically closed-ended, the Dublin-listed funds can issue new shares and Acre is expected to increase assets before gearing to about £30m-£35m in the next 12 months.

Paul Field, sales manager of commercial property funds at Tilney, said the new currency share classes would be proposed at an EGM in April, where the possibility of changing its name would also be raised.

He said: "Acre is the younger brother to Glanmore and with the assistance of our new parent, Tilney, which is owned by Refco, changes will be made at the EGM.

"This will allow Acre to be marketed alongside Glanmore and to professional intermediaries internationally as well as in the UK. Acre is a more spirited version of Glanmore, but the mandate will not change."

Cardales, a chartered surveyor, acts as property adviser to both Acre and Glanmore. Last year, Acre returned 9% and Glanmore 8.1%.

Field said the outlook for commercial property was still good, despite the predicted UK interest rate rises to about 4.75% and he expected returns for the two funds to match 2003 both this year and in 2005.